Silver Price Forecast – Silver markets test major support level

Silver markets had a very volatile session during the day on Thursday, breaking down rather significantly. We broke down below the $15.00 level, and even if you cents below there but bounced enough to break back above $15.00. By doing so, it shows just how important that level is, as it is a large, round, psychologically significant figure. In general, I am still bullish of silver unless of course the US dollar strengthens very rapidly, as it could work against the value of precious metals in general. If that’s going to be the case then we could reach down towards the $14.90 level, and then eventually the $14.50 level.

SILVER Video 12.04.19

To the upside I think that the market probably could go to the $15.25 level that it’s going to take quite a bit of momentum to make that happen. At this point, I believe that the market should continue to attract a lot of attention and therefore I think that we will see a lot of volatility from day-to-day as the greenback and financial concerns around the world continue to be a major problem. I’m not looking for big moves, unless we get some type of major financial meltdown, which of course would be very negative. At this point, it’s very likely that the market will continue to be very choppy and very dangerous to say the least. At this point I continue to buy dips but below the $14.90 level I would become very concerned. Keep your position size small.

Please let us know what you think in the comments below